Urge Congress to extend and expand homebuyer tax credit

The housing industry has recently seen a small boost in homes sales due to the $8,000 first-time homebuyer tax credit. The credit is set to expire on November 30, 2009, but in order to continue helping America recover from the recession, the housing industry still needs support.

Homebuilders across America are asking Congress to extend the $8,000 tax credit through November 30, 2010, and expand it to include all home purchasers, not just first-time buyers.

If Congress extends the tax credit program, it would spur 383,000 more home sales across the country; including 80,000 housing starts down the road as the increased sales help deplete the current inventory of unsold homes. This stimulus will create nearly 350,000 jobs over the coming year nationally…over 3,800 of those would be right here in northern Nevada.

You can make your voice heard by letting your members of Congress know that housing equals jobs, and to restore America, we must revive housing.

Call your members of Congress today toll-free at 866-924-6242 and tell them to:

- Extend the deadline for the $8,000 tax credit through November 30, 2010
- Make it available to all home buyers

Thank you for your help in letting Congress know that to restore America, we must revive housing.

Knowledge You Need to Stay UP in a DOWN Market

Knowledge is power, according to Doug Smith. But, Knowledge is not power without action. What actions can you take to help you stay up in a down market? Find out at The Builders Mid-Year Construction Analysis Wednesday at John Ascuaga’s Nugget. RSVP required.

Last Chance for Mid-Year Construction Analysis registration

Find out when we can expect the housing market and local economy to improve, how Reno compares to other markets and what's next for housing at our Mid-Year Construction Analysis Wednesday. Register today!

HOUSING AFFORDABILITY CONTINUES TO HOVER NEAR HIGHEST LEVEL IN 18 YEARS

NAHB announced that nationwide housing affordability during the second quarter of 2009 continued to hover near its highest level in 18 years.

Roughly 72 percent of all new and existing homes sold in the second quarter of 2009 were affordable to families earning the national median income of $64,000, down only slightly from the record-high 72.5 percent during the previous quarter and up from 55.0 percent during the second quarter of 2008.

"The increase in affordability -- along with the $8,000 federal tax credit for home buyers -- is stimulating demand, particularly among young, first-time buyers," said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. "But to keep the recent upturn in home sales going into next year, Congress will need to extend the tax credit for another year and make it available to all buyers in an effort to encourage activity in the trade-up market."

Robson noted that the tax credit, which expires on Nov. 30, is currently limited to just buyers purchasing their first home.